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REGISTERED NUMBER: SC352131 (Scotland)















Financial Statements for the Year Ended 31 May 2023

for

J M Taylor Financial Services Limited

J M Taylor Financial Services Limited (Registered number: SC352131)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J M Taylor Financial Services Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: A Benson
R C Chalmers
Ms G D Crighton
Mrs K Creighton





REGISTERED OFFICE: Citygate
Blackburn Business Park
Blackburn
Aberdeen
AB21 0PS





REGISTERED NUMBER: SC352131 (Scotland)





ACCOUNTANTS: J M Taylor
7 Ythan Terrace
Ellon
Aberdeenshire
AB41 9LJ

J M Taylor Financial Services Limited (Registered number: SC352131)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 46,816 53,504
Property, plant and equipment 5 8,483 9,663
55,299 63,167

CURRENT ASSETS
Debtors 6 312,954 337,970
Cash at bank and in hand 1,634,251 1,603,969
1,947,205 1,941,939
CREDITORS
Amounts falling due within one year 7 528,603 603,600
NET CURRENT ASSETS 1,418,602 1,338,339
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,473,901

1,401,506

PROVISIONS FOR LIABILITIES 2,121 1,830
NET ASSETS 1,471,780 1,399,676

CAPITAL AND RESERVES
Called up share capital 42,000 42,000
Retained earnings 1,429,780 1,357,676
SHAREHOLDERS' FUNDS 1,471,780 1,399,676

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J M Taylor Financial Services Limited (Registered number: SC352131)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:





A Benson - Director


J M Taylor Financial Services Limited (Registered number: SC352131)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

J M Taylor Financial Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2012 and 2021, is being amortised evenly over its estimated useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

J M Taylor Financial Services Limited (Registered number: SC352131)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 626,880
AMORTISATION
At 1 June 2022 573,376
Charge for year 6,688
At 31 May 2023 580,064
NET BOOK VALUE
At 31 May 2023 46,816
At 31 May 2022 53,504

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 June 2022 64,297
Additions 3,720
At 31 May 2023 68,017
DEPRECIATION
At 1 June 2022 54,634
Charge for year 4,900
At 31 May 2023 59,534
NET BOOK VALUE
At 31 May 2023 8,483
At 31 May 2022 9,663

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other debtors 312,954 337,970

J M Taylor Financial Services Limited (Registered number: SC352131)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 22,812 36,275
Taxation and social security 46,468 70,807
Other creditors 459,323 496,518
528,603 603,600

8. ULTIMATE CONTROLLING PARTY

The controlling party and the ultimate controlling party are not known.